FACT submits comments to the House Ways and Means Committee on necessary international tax reforms for the 2025 tax fight, new research calls for a “follow the money” approach to environmental crimes, and FACT allies gather for illegal mining panel at COP16 Biodiversity.
Congress must use the upcoming 2025 tax fight as an opportunity to eliminate incentives for U.S. multinationals to ship jobs and profits offshore, raise much-needed revenues to pay for policy priorities and reduce deficits, and level the playing field for domestic businesses and workers.
As key jurisdictions around the globe implement enhanced tax transparency measures for major multinational corporations, the U.S. risks falling behind to the detriment of American investors and workers, at a time when U.S. policymakers are considering important tax reforms.
Earlier this year, Amazon and Netflix made headlines when ITEP reported findings that these and at least 58 other companies paid no federal income taxes in 2018. One of the tax breaks they use to manage this feat is related to stock options, the subject of a new ITEP report.
Supporters of the Tax Cuts and Jobs Act might have hoped for a more celebratory first year anniversary. The public has not seen the kinds of benefits promised — few have seen anything close to $4000 raises, and real wage growth, accounting for inflation, continues to be sluggish. And despite surging corporate profits, the stock market took a tumble as other factors weigh heavy on the minds of investors. Even the board room celebrations are muted at best.
The FACT Coalition filed a comment on November 26, 2018 with the Internal Revenue Service (IRS) on proposed rules for the implementation of TCJA provisions. The full letter can be read below or downloaded here.
